The Kingdom’s non-oil merchandise exports rose 4% in 2024 to SAR 217.4 bn, according to the latest data from the General Authority for Statistics (Gastat) (pdf). Total non-oil exports — including re-exports — were up 13.1% y-o-y to SAR 308 bn, with re-exports increasing in value by 43% to SAR 90.6 bn over the same period.

NON-OIL EXPORTS-

Still in the lead: The ratio of non-oil exports to imports jumped by 0.2 percentage points y-o-y to 35.3% in 2024. Imports were up 12.5%, a slower rate of growth than exports.

Chemical goods are still our biggest non-oil export category, accounting for 25.5% of total non-oil exports last year, down 2.8% from 2023. Plastics, rubber, and their derivatives followed, accounting for 23.5% of total non-oil exports, a 6.6% y-o-y increase.

Machinery and electrical equipment were the most imported goods during the year, accounting for 25.3% of all imports — a 28.5% y-o-y increase. Meanwhile, transportation equipment and parts accounted for 14.3%, marking a 5.5% y-o-y increase.

OUR TRADING PARTNERS-

China remains our top trade partner: The kingdom’s merchandise exports to China made up 15.2% of total exports in 2024, followed by South Korea (9.4%) and Japan (9.3%). Meanwhile, imports from China accounted for almost a quarter (23.9%) of Saudi’s total imports in the same period, followed by the US (8.4%), and the UAE (5.5%).

Other top suppliers: India, Germany, Japan, Italy, Egypt, Switzerland and South Korea

were among the Kingdom’s top 10 import markets, accounting for a combined 63.7% of total imports.

Ports in focus: Dammam’s King Abdulaziz Port handled 29.2% of imports in 2024, followed by Jeddah Islamic Port (20%), and Riyadh’s King Khalid International Airport (13.6%).

ON THE OIL FRONT-

Oil exports inching lower: Oil’s share of total exports declined by 4.2 percentage points y-o-y to 73.1%, amounting to SAR 837.7 bn. The 9.7% decrease in oil exports led to merchandise exports falling 4.5% y-o-y to SAR 1.15 tn.

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